USDJPY Movement
For the 24 hours to 23:00 GMT, the USD declined 0.59% against the JPY and closed at 101.85.
In the Asian session, at GMT0300, the pair is trading at 102.05, with the USD trading 0.20% higher against the JPY from yesterday’s close.
The pair is expected to find support at 101.60, and a fall through could take it to the next support level of 101.15. The pair is expected to find its first resistance at 102.62, and a rise through could take it to the next resistance level of 103.19.
With no economic releases in Japan today, market participants look forward to the Bank of Japan’s interest rate decision accompanied by its Governor, Haruhiko Kuroda’s speech. Moreover, the nation’s total merchandise trade balance, machine tool orders, flash Nikkei manufacturing PMI and all industry activity index, all scheduled to release next week, would be on investor’s radar.
The currency pair is showing convergence with its 20 Hr moving average and trading below its 50 Hr moving average.
